Tds

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Rem (Querist)
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10 July 2013 We deducted TDS on 30.6.2012 and paid it on 13.7.2012 with 1 month interest @ 1.5% and quarterly return filed on 15.7.2012. Now we received a Justification Report U/s. 200A of IT Act from TDS Centralized Processing cell, in that they calculated interest for 2 months. Please clarify me how they calculated this and if their calculation is wrong how we can seek rectification for that( under which section).

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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10 July 2013 you have to pay interest of two months.
june + july - two months.

Rem

Rem (Querist)
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10 July 2013 But we delayed for one month only know, how it will be two months.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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10 July 2013 Calculation of Interest

Interest is to be calculated for every month or part of a month comprised in a period,
Any fraction of a month shall be deemed to be a full month
The amount of tax, penalty or other sum in respect of which such interest is to be calculated shall be rounded off to the nearest multiple of one hundred rupees and
for this purpose any fraction of one hundred rupees shall be ignored and the amount so rounded off shall be deemed to be the amount in respect of which the interest is to be calculated.
One Day delay may charge you Interest @ 3 %

so deducted:- june 2013, count 1
july 2013. count 2

total:- 2 months

Rem

Rem (Querist)
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10 July 2013 Thank you sir...

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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10 July 2013 can you send me scanned copy of the notice on my mail id.

ayushagrawal@rediffmail.com

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